Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Ukraine Imposes Sanctions on 4 Chinese Firms


Fri 29 Jan 2021 | 11:43 PM
Taarek Refaat

Ukrainian President Vladimir Zelensky signed a decree on Friday  imposing three-year sanctions on 4 Chinese companies and a Chinese citizen.

The presidential statement said that the sanctions included Chinese citizen Wang Jin, Hong Kong Skyrizon Holdings Limited, Beijing Skyrizon Aviation Industry Investment Co, Beijing Xinwei Technology Group Co, and Skyrizon Aircraft Holdings Limited.

Earlier, the Ukrainian media reported that the DCH group intends to develop the Ukrainian "Motor Sech" enterprise in cooperation with the Chinese company Skyrizon Aircraft Holdings.

Beijing Xinwei Technology Group also announced that its subsidiary Beijing Skyrizon had submitted a joint application with DCH on August 4, 2020 to the Ukraine Antitrust Committee to buy Motor Sech shares, while a Ukrainian court had re-seized the shares of that enterprise.

In August 2020, the Ukraine Antitrust Committee refused to consider the request of the DCH business group to buy the shares of "MotorSch", while Zelensky instructed his prime minister to take measures to protect the country's economic interests and assess the extent of their vulnerability to selling shares of strategic institutions, including "MotorSch".

It is noteworthy that the "Motor Sech" Corporation, located in the southeastern city of Zaporozhye, develops, manufactures and maintains gas turbine engines for aircraft and helicopters, as well as industrial gas turbine units.

Motor Sech products are used in aircraft and helicopters in 120 countries.